Sony offers EU concessions in EMI Music deal

March 27, 2012

BRUSSELS (AP) — The European Union's antitrust regulator says a consortium led by Sony has offered concessions to get approval for its acquisition of part of iconic British music company EMI.

Sony/ATV, a joint venture between Sony and the Michael Jackson estate, and a group of other investors said in November that they will buy the publishing arm of EMI Music for $2.2 billion.

But several rivals have warned that the deal will make Sony and Universal Music, which is buying the rest of EMI, overly dominant players in the music industry.

Last week the European Commission already opened an in-depth investigation into the Universal deal, citing competition concerns.

The Commission said Tuesday that it will now take until April 19 to decide whether the concessions offered by Sony are sufficient to clear the deal. It did not detail what Sony has offered.